Siyabulela Makunga, Competition Commission Spokesperson

UK-based Standard Chartered Bank reached a settlement with the Competition Commission for colluding with 27 other banks in the manipulation of the rand scandal and agreed to pay around a R43-million fine to resolve the case. The commission is also investigating a number of other local and international banks such as Absa, Standard Bank, Nedbank, Barclays and Bank of America. We’re joined on the line by Siyabulela Makunga, Competition Commission Spokesperson.